Real Estate January 16, 2023

What is an Interest Rate Lock?

It is no surprise that you might have questions when buying a home. There is a lot to know. Having a good realtor on your side can help you navigate some of those tough questions. Don’t have a realtor of your own? Contact us here and we will get you connected.

In this article, we will be discussing mortgage loan rate locks and how they are used to help you when you are buying a home.

In a market with frequently changing interest rates, some people worry that their interest rate will change before they get into their homes. Depending on the individual circumstances this could be a realistic fear. It is important to discuss this with your trusted realtor and your lender. However, lenders know you need time to search for your home after you have been pre-approved. A rate lock is implemented to protect your agreed-upon rate for a specific length of time.

Let’s discuss this further.

A rate lock is an agreement between you and your lender guaranteeing a specific interest rate will be provided to you for a specific length of time after the pre-approval. This is called the rate lock period.  Your lender will confirm with you your interest rate, the start date, and the date of expiration.

What if interest rates go up before I close on a house?

Rest assured you are locked in at your agreed-upon rate even if interest rates have gone up before you close. But again it depends on the expiration date. You might be wondering how lenders can do this.  As soon as your rate is locked, lenders purchase money from their investors for you at your rate to be ready for you to spend it when you find your home.  Assuming your loan application is approved (see our “Nervous about getting approved for a home loan?” article) and all the terms and conditions for the approval have been met the money is made available to you at closing regardless of the changes in the market after you had locked in your rate. Lenders do not ask you to pay a higher interest rate just because market rates have shifted upward.

Why you shouldn’t wait to lock your rate even when interest rates are dropping.

Would it be more disappointing to have locked in a rate and find that you have missed a lower rate, or NOT locking in your rate and then having rates increase? Trying to time the market can be a dangerous game. Often the market spikes without warning leaving buyers regretting not locking in lower rates. Don’t forget if rates continue to fall, you can often refinance your loan typically after 120 days. Check your lender’s post-closing refinancing policy and make sure to discuss this with your lender ahead of time.

If you do not have a lender of your own or would like to discuss buying or selling a home, please do not hesitate to connect with us so that we can help you.

 

Email us at WhidbeyCommunications@windermere.com or call us at 360.675.5953

 

Uncategorized December 20, 2018

What's Your Winter Style?

What’s Your Winter Style?

It’s official. The clock has struck twelve and the new year has begun; bringing with it a time of resolutions or rest.

For many, January is the restart button for their workout routines. With the holidays passed they can finally buckle down and bust out the dumbbells again. For others, the winter winds make that idea unimaginable. They would far rather grab their favorite warm drink, a comfy blanket, and cozy up on the couch with the ones they love.

So, which is your winter style? Or are you both?!

For the Workout Warrior

January brings new inspiration to the workout warrior. With a vision of the new year in mind they are dedicated to bringing back that bikini body or conquering some challenging goals. Unfortunately, winter weather doesn’t always make outside exercise possible. Below is a list of local gyms where you can stay fit!

Thrive Fitness – 32650 WA-20 Bldg D, Oak Harbor

www.thrivecf.com/

North End Fitness – 2800 Goldie Rd #102, Oak Harbor

www.northendfitnesscenter.com/

Crossfit – 720 SE Pioneer Way, Oak Harbor

www.crossfitoakharbor.com/

Unsize Me – 670 SE Pioneer Way #101, Oak Harbor

www.unsizeme.com/

Hoping to complete your workout at home?

Check out these 15 Best Apps to Help You Get Fit: https://www.menshealth.com/technology-gear/g23007883/best-fitness-apps/

 

For the Cozy Cuddler

If the whole workout routine isn’t for you, you probably just need a little more Hygge in your life. Hygge, pronounced “hue-guh,” is a Danish word loosely translated to fun, cozy, comfort, and happy. It’s more than a word though; it’s a concept and a lifestyle. It’s to live in comfort and contentment with the things and people who make you happy. Below are some ways you can bring Hygge into your home.

  1. Wrap yourself in comfort!

    Things like scarves, sweaters, and chunky blankets can really bring a feeling of comfort to a person. Need a new something cozy? Swing by Seaside & Sylvan in Greenbank to find your perfect Hygge style pieces.

  2. Be present!

    Try to remember that this moment right now is special, unique, and will never happen again. If you find this difficult, the app Headspace can give you some meditation techniques to help.

  3. Warm up with a hot drink!

    There’s no spirit lifter quite like a warm cup of coffee, tea, coco, or cider. Lavender Wind Shop and Rock Island Coffee may have just what you need for that warm winter drink.

  4. Spend time with friends!

    Sharing a meal or playing games can be a great way to build community and spread happiness with the people you love. Keep it simple with a Papa Murphy’s Pizza and, our favorite game, Qwirkle!

  5. Find something fun to do!

    Relaxing hobbies like journaling, art, knitting, reading, or hiking can be a great way to bring a sense of peace. Want to discover some great local trails? Download the AllTrails app.

Want to learn more about Hygge?

Read The Little Book of Hygge: https://www.amazon.com/Little-Book-Hygge-Danish-Secrets/dp/0062658808/ref=sr_1_2?ie=UTF8&qid=1543349186&sr=8-2&keywords=hygge

 

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